actually in version 8.0.0.0, it is not working SetProperty[g, {EdgeLabels -> {3 \[UndirectedEdge] 4 -> "COOL"}, VertexLabels -> {1 -> "STUFF"}}]. Looks like SetProperty can only set one property at a time.
–
Qiang LiFeb 21 '12 at 22:26

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